Etherеum

Ethereum Price Recovery In Jeopardy? Decoding Key Hurdles To Fresh Increase

Ethereum price is facing many hurdles near $3,200. ETH could gain bearish momentum if the price stays below $3,200 and $3,280.

  • Ethereum is struggling to recover above the $3,200 resistance zone.
  • The price is trading below $3,200 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another decline if there is a close below the $3,000 support zone.

Ethereum Price Faces Hurdles

Ethereum price started a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,120 level. However, the bears were active near the $3,280 resistance zone.

A high was formed at $3,278 and the price started a fresh decline, like Bitcoin. There was a move below the $3,200 support zone. The price declined below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.

There was also a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next key resistance sits at $3,280, above which the price might test the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum.

Source: ETHUSD on TradingView.com

In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even rise toward the $3,750 resistance.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,000 level.

The first major support is near the $2,900 zone or the 50% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,650. Any more losses might send the price toward the $2,550 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,000

Major Resistance Level – $3,200

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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